Amylin Pharma Rises on Report of New Sale Talks

NEW YORK -- Shares of diabetes drug maker Amylin Pharmaceuticals
Inc. jumped Monday after a report the company is reaching out to
potential buyers about a possible sale.

THE SPARK: Reuters reported the San Diego company is looking for
buyers and has hired Credit Suisse and Goldman Sachs as financial
advisers. Amylin declined to comment on the story.

THE BIG PICTURE: Amylin sells the diabetes treatments Bydureon
and Byetta. The company reportedly rejected a buyout offer from
Bristol-Myers Squibb Co. earlier this year, and it is being sued by
billionaire investor Carl Icahn.

Bloomberg News reported in late March that Bristol-Myers offered
to buy Amylin for $3.5 billion, or $22 per share. Icahn said the
company should have disclosed that offer to shareholders and asked
the company for an additional opportunity to nominate new directors
to Amylin’s board. On April 9, Icahn filed a lawsuit seeking
the chance to nominate new directors.

Byetta is a twice-per-day diabetes treatment that has been on
the market for years. The Food and Drug Administration approved
Bydureon, which is taken once a week, in late January. Amylin
developed Bydureon with Eli Lilly and Co., but the companies ended
their partnership in November. Since then, Amylin has been looking
for a partner to help it market the drug overseas.

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